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Dec 10, 2012
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solman explores the tax deductions that could be on the chopping block in the quest to bring down the deficit. >> we estimate $1.1 trillion a year in revenue the government gives up because of all the tax breaks. that's enough to solve the revenue problem but it's not going to happen. >> ifill: ray suarez has a newsmaker interview with secretary of homeland security janet napolitano. >> you can discuss border security and immigration reform simultaneously now. we don't have to this kind of first this and then that. at this point they actually go together. >> woodruff: special correspondent rick karr reports on the polluted waters that spilled into new york homes and businesses in superstorm sandy, raising health concerns. >> everybody sort of got sick at the same time. all of us sort of attributed it to, well, we're all stressed out. it's very cold. but that said, there is a lot of nasty stuff hanging about. >> ifill: and hari sreenivasan has an update on the dangerous working conditions in bangladesh, where more than 100 workers have died over the past month. that's all ahead on tonight's ne
solman explores the tax deductions that could be on the chopping block in the quest to bring down the deficit. >> we estimate $1.1 trillion a year in revenue the government gives up because of all the tax breaks. that's enough to solve the revenue problem but it's not going to happen. >> ifill: ray suarez has a newsmaker interview with secretary of homeland security janet napolitano. >> you can discuss border security and immigration reform simultaneously now. we don't have to...
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Dec 10, 2012
12/12
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FBC
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have said i would work with republicans on a plan for economic growth, jobs creation and reducing our deficits. and have some compromise between democrats and republicans, i understand people have a lot of different views, i'm willing to compromise a little bit. >> the president met with speaker john boehner yesterday. not discussing any details of the conversations, just saying as you said at the top, lines of communications are open. also talking to senate majority leader harry reid today as well. everybody is talking but we don't have a deal yet. tracy: is anybody talking about spending or entitlements, peter? >> they're making it pretty clear. one statement we got from speaker john boehner's office today was that the republicans continue to wait for the president to make specific proposals for cutting spending.3 that is what they want. tracy: we don't sound any closer to me, but again i am skeptical. down in d.c. >> great, thanks. traay: the president is going to @ompromise as peter just said. what are republicans willing to compromise on. we have got to ask mike lee of utah. i am sorry i
have said i would work with republicans on a plan for economic growth, jobs creation and reducing our deficits. and have some compromise between democrats and republicans, i understand people have a lot of different views, i'm willing to compromise a little bit. >> the president met with speaker john boehner yesterday. not discussing any details of the conversations, just saying as you said at the top, lines of communications are open. also talking to senate majority leader harry reid...
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Dec 10, 2012
12/12
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we run up a large deficit when we have a slump and run up medium-sized deficits in times of prosperity. the u.s. government is spending about $3.6 trillion this year. federal spending has gone up at roughly twice the rate of economic growth. interest payments are temporarily manageable. but interest rates are at historic lows and likely to go up. our current situation is in no way comparable to that of the '40's when the national debt grew to an amount nearly equal to annual gdp. once the war ended, spending went down and the u.s. proceeded to grow at a greater than 4% annual rate for 20 years. that took care of the deficit or the debt with the problem. today, everything points in the other direction. interest rates are likely to go up. demand for further spending will increase for reasons i will get to a minute. state and local governments rely on federal transfers to balance their books. the state of california spends money out of the general fund and get money in terms of federal transfers from various programs. they depend on that money. i won't get in to the whole question of the
we run up a large deficit when we have a slump and run up medium-sized deficits in times of prosperity. the u.s. government is spending about $3.6 trillion this year. federal spending has gone up at roughly twice the rate of economic growth. interest payments are temporarily manageable. but interest rates are at historic lows and likely to go up. our current situation is in no way comparable to that of the '40's when the national debt grew to an amount nearly equal to annual gdp. once the war...
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ludicrous because if we start moving up in interest rates here the whole situation in all countries from a deficit perspective starts changing markedly here and you have to pay market interest rates on your lawns and not some illusory temporary rate now but at the same time let me just play devil's advocate for a moment because the private sector is so indebted to so why couldn't we see treasuries last at this level for say i don't know another decade without imploding because the private sector the leveraging could arguably continue another ten years and that could keep public sector debt relatively attractive. well i don't know that we would call public sector debt attractive when i hear you part but then when the central banks by ninety percent of it might be a track that the central bank it's obviously not attractive the chinese anymore and it likely not attractive to any non western central bank anymore as we see most a lot of these central banks buying gold i mean it doesn't take much to see through the long run the impact of the policy here we've seen this massive change in what no on weste
ludicrous because if we start moving up in interest rates here the whole situation in all countries from a deficit perspective starts changing markedly here and you have to pay market interest rates on your lawns and not some illusory temporary rate now but at the same time let me just play devil's advocate for a moment because the private sector is so indebted to so why couldn't we see treasuries last at this level for say i don't know another decade without imploding because the private...
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Dec 10, 2012
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WJZ
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. >> i want us to bring down our deficits. but i want to do it in a balanced, responsible way. >> the president's latest campaign appearance follows a meeting with house speaker john boehner. sources tell cbs news, both sides remain hopeful. but little progress was made. the president has made has made clear, any deal must include the wealthiest americans paying more taxes. if the president and speaker boehner can't reach an agreement to avoid the fiscal cliff, taxes for all americans will go up and across-the-board spending cuts will kick in on january 1st. >> reporter: there are signs some republicans are now willing to compromise on taxes, if they can secure cuts to social security, medicare, and medicaid. >> you give the president the 2% he's talking about, the rate increase on the top 2%. and all of a sudden, the shift goes back to entitlements. >> reporter: one proposal under discussion, raging the eligibility age for medicare is not going well for some dem -- democrats and advocates for senior citizens. >> the option to
. >> i want us to bring down our deficits. but i want to do it in a balanced, responsible way. >> the president's latest campaign appearance follows a meeting with house speaker john boehner. sources tell cbs news, both sides remain hopeful. but little progress was made. the president has made has made clear, any deal must include the wealthiest americans paying more taxes. if the president and speaker boehner can't reach an agreement to avoid the fiscal cliff, taxes for all...
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Dec 10, 2012
12/12
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FBC
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have said i would work with republicans on a plan for economic growth, job creation and reducing our deficits. and some compromise between democrats and republicans, i understand people have a lot of different views, i'm willing to compromise a little bit. >> i spoke to an aide to one top republican leader who was a little bit upset by the comment the president would be willing to compromise a little bit. the white house did not disclose any details of the meeting with the president and the speaker yesterday only confirmed that communications remain open. tim john boehner remaining discussions are in place. david: the president said some things about a year ago that sounded like a perfect compromise. let me get your reaction. this was about a year ago. >> what they said was give us 1.2 trillion in additional revenues. which could be accomplished without hiking taxes tax rates. this could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could have lower rates generally by broadening the base. david: if i were to hear that to
have said i would work with republicans on a plan for economic growth, job creation and reducing our deficits. and some compromise between democrats and republicans, i understand people have a lot of different views, i'm willing to compromise a little bit. >> i spoke to an aide to one top republican leader who was a little bit upset by the comment the president would be willing to compromise a little bit. the white house did not disclose any details of the meeting with the president and...
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Dec 10, 2012
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him to recover and get bac if the politicians in washington negotiate a bad deal on the budget and deficit, what do you think will happen to medicare and medicaid benefits? and to our coverage? cutting hundreds of billions of dollars from medicare and medicaid will short change the people who need it the most. so if you don't want seniors to come up empty. call sen. warner and tell him don't make a bad deal that cuts our care. >>> welcome back. >>> here's what's happening. two australian deejays say their managers had approved the prank phone call to the london hospital where kate middleton was being treated. today the hosts went on say their joke went too far. the nurse who took the call was found dead on friday. the deejays' radio show has been canceled. >>> right now there's a manhunt under way for javon foster. police are call him a suspect in the deadly shooting of 20-year-old selena brown on a metro bus last night. it also injured brown's 2-year-old daughter. >>> there may be new hope for a deal to prevent the so-called fiscal cliff. president obama went to michigan today to promote
him to recover and get bac if the politicians in washington negotiate a bad deal on the budget and deficit, what do you think will happen to medicare and medicaid benefits? and to our coverage? cutting hundreds of billions of dollars from medicare and medicaid will short change the people who need it the most. so if you don't want seniors to come up empty. call sen. warner and tell him don't make a bad deal that cuts our care. >>> welcome back. >>> here's what's happening. two...
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Dec 10, 2012
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now, democrats, when they want to solve this deficit, they liked to solve more about that revenue side. they say, let's get the rich to pay more. let's get some more taxes. but republicans, they say, let's look a little bit more at everything in this room, even if we're going to increase revenue. because maybe by doing some s t strategic cutting we can make a bigger difference. you can have dramatic cuts in thing like homeland security and the energy department and the interior department. if you cut those programs out entirely, yeah, you'd save $80 billion but that's only a small fraction of the deficit. that's why the talk is largely about this back row. where the big ticket item, reside. such as social security, health and human services, medicare, medicaid and defense. each one of these accounts for more than $700 billion in spending. so yeah, if you could find a way to somehow chop about 25% out of each program here, you'd get real savings. about half a trillion dollars. doing that would be unbelievably tough. the simple truth is some of them are protected from cuts. social securi
now, democrats, when they want to solve this deficit, they liked to solve more about that revenue side. they say, let's get the rich to pay more. let's get some more taxes. but republicans, they say, let's look a little bit more at everything in this room, even if we're going to increase revenue. because maybe by doing some s t strategic cutting we can make a bigger difference. you can have dramatic cuts in thing like homeland security and the energy department and the interior department. if...
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Dec 10, 2012
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this is a couple of days of operation for the federal government. 63 trillion deficit with medicare and social security between now and 2035. trillion with a t. >> big t. >> everybody is afraid to say no. to me, that the biggest risk. what keeps you up at night? >> keeping the investment pub lig and keep prague fegsal investors and people participating interested and confident under this market. right now whether you are in europe or the u.s., you don't have that opportunity. you are concerned about what the future has. we don't know what is going to happen going forward. >> as an invest over, are we living in a more risky environment now than ever? we grew up thinking america was the top of the world, best credit in the world, reserved currency. are things changing with regards to that? >> yeah, i think it is. i think the mind-set has changed. >> do you keep your money here or move it elsewhere. >> i think the u.s. is one of the most attractive places to invest in the world. it continues to serve us. i see the united states as being a great opportunity for invest many going forward and
this is a couple of days of operation for the federal government. 63 trillion deficit with medicare and social security between now and 2035. trillion with a t. >> big t. >> everybody is afraid to say no. to me, that the biggest risk. what keeps you up at night? >> keeping the investment pub lig and keep prague fegsal investors and people participating interested and confident under this market. right now whether you are in europe or the u.s., you don't have that opportunity....
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Dec 10, 2012
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i want us to bring down our deficits but i want to do it in a balanced, responsible way. and i want to reward -- i want -- businesses and manufacturers like detroit diesel, right here, creating jobs, right here, in redford, right here in michigan, right here in the united states of america. that's where we need to go. that's the country we need to build. and when it comes to bringing up manufacturing back to america, that's why i'm here today. since 1938, detroit diesel has been turning out some of the best engines in the world. over all those years, generations of redford workers have walked through these doors. not just to punch a clock, not just to pick up a paycheck, not just to build an engine, but to build a middle class life for their families, to earn a shot at the american dream. for 7 1/2 decades, through good times and bad, through revolutions and technology that sent a lot of good jobs, manufacturing jobs overseas, men and women like you, your parents, maybe even your grandparents, have done your part to build up america's manufacturing strength. that's someth
i want us to bring down our deficits but i want to do it in a balanced, responsible way. and i want to reward -- i want -- businesses and manufacturers like detroit diesel, right here, creating jobs, right here, in redford, right here in michigan, right here in the united states of america. that's where we need to go. that's the country we need to build. and when it comes to bringing up manufacturing back to america, that's why i'm here today. since 1938, detroit diesel has been turning out...
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Dec 10, 2012
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FOXNEWS
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the taxpayers are still on the hook for baying back the deaf -- paying back the deficit-spending portion of that money even though it's now long, long gone. megyn: so we borrowed from china so that we could offer stimulus. we gave part of the stimulus to a123. a123 spent $100 million plus of the money, failed to succeed, and now that, those assets are going to china too. >> well, when you say it that way, megyn, you make it sound like it's not very much fun, i mean, my gosh. [laughter] megyn: china makes out well in this deal. i don't know about the american taxpayer though. >> they're doing pretty well in all of this. and the problem for the president today is his whole idea is i'm going to go to detroit and talk about how my economic strategy is working and that what we need to do is increase taxes on the top earners so that we can take that money and stimulate the economy. and as he says, invest in the middle class. and as he says, keep the tax rates down for those middle class folks and also engage in the kind of stimulative spending that says will allow daimler to make an investment
the taxpayers are still on the hook for baying back the deaf -- paying back the deficit-spending portion of that money even though it's now long, long gone. megyn: so we borrowed from china so that we could offer stimulus. we gave part of the stimulus to a123. a123 spent $100 million plus of the money, failed to succeed, and now that, those assets are going to china too. >> well, when you say it that way, megyn, you make it sound like it's not very much fun, i mean, my gosh. [laughter]...
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Dec 10, 2012
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the hearing followed a government report that projects $16 billion deficit in the fha fund. this hearing before the senate banking committee runs about 90 minutes. >> i call this hearing to order. i ask you to testify today -- [inaudible] i would like you to tell the committee -- gain insight into the fiscal challenges of the fha. what they can do to mitigate losses -- [inaudible]. fha has been helping to stabilize the mortgage markets by ensuring that qualified loans, and for some home buyers have access to mortgage credit since 1934. the beginning of the financial crisis, the fha has increased its market share from below 5% in 2006, to about 30% in 2009, in pursuit of that mission. this was essential to the market, especially for first-time homebuyers who comprise 78% -- [inaudible] fha's multi-family health insurance programs have also played an important part of the cyclical role since the financial crisis which was a fourfold increase in volume since 2008 to 2011. according to market committee, -- [inaudible] the housing market is in pretty. >> however, providing the ba
the hearing followed a government report that projects $16 billion deficit in the fha fund. this hearing before the senate banking committee runs about 90 minutes. >> i call this hearing to order. i ask you to testify today -- [inaudible] i would like you to tell the committee -- gain insight into the fiscal challenges of the fha. what they can do to mitigate losses -- [inaudible]. fha has been helping to stabilize the mortgage markets by ensuring that qualified loans, and for some home...
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Dec 10, 2012
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CURRENT
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it will increase the deficit. that's newt gingrich in 1993 on the clinton tax increase and those of us working on the other side of the tax increase have been waiting for your apology for 20 years for being completely wrong about that. ♪ let's hear it for the boy ♪ >> let's give the boy a hand ♪ >> how did newt react? >> stephanie: he was untenable to his own [ bleep ] >> i don't agree with you on that. >> 20 years ago, you said it. >> stephanie: the economy soared. no one lost a job. gingrich baloney. there's no way to penetrate his -- like denial. he said there was no recession. there was no recession. then he just -- that's a bunch of -- if you look at all of the indicators -- okay. >> stephanie: lawrence o'donnell was right. brian in dales you're on "the stephanie miller show." hi brian. >> caller: hey seductive stephanie. been waiting an hour to talk to you. >> stephanie: hey. go ahead. >> caller: i was giving a call in the interest of journalistic integrity, i heard something about mark 25 and obviousl
it will increase the deficit. that's newt gingrich in 1993 on the clinton tax increase and those of us working on the other side of the tax increase have been waiting for your apology for 20 years for being completely wrong about that. ♪ let's hear it for the boy ♪ >> let's give the boy a hand ♪ >> how did newt react? >> stephanie: he was untenable to his own [ bleep ] >> i don't agree with you on that. >> 20 years ago, you said it. >> stephanie: the...
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Dec 10, 2012
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MSNBC
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it's an important part of the bill's long-term deficit reduction. also it does do something i think is important. which is president obama often says he wants to bring taxes on the rich back to where they were in the clinton years. clinton rates as he says. when you had these taxes in, his proposal to actually increase taxes on the rich, quite a bit above where they were in the clinton years. >> the new taxes on wages and investment income, they're designed to raise, the number is, $318 billion over the next ten years or about half of all the new revenue that will be collected under the health care law. it's been pointed out the new taxes also come with a marriage penalty for those who qualify. >> i'm not hugely convinced. here's the way it works. the taxes kick in for individuals making more than $200,000 or families making more than $250,000. number one, anybody who's getting married is under those levels is seeing nothing here. that's the vast, overwhelming majority of americans. now, the way the marriage penalty can work is let's say two people
it's an important part of the bill's long-term deficit reduction. also it does do something i think is important. which is president obama often says he wants to bring taxes on the rich back to where they were in the clinton years. clinton rates as he says. when you had these taxes in, his proposal to actually increase taxes on the rich, quite a bit above where they were in the clinton years. >> the new taxes on wages and investment income, they're designed to raise, the number is, $318...
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Dec 10, 2012
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. >> i think the overhyping of deficit, the deficit mania that is seized this town is kind of crazy. i mean i love alan simpson and erskine bowles, they're talking about inflation at a moment when people are paying us money to invest in our treasury bonds? jenna: charles payne, fox business network. he has his own list what we should worry about, charles, who is right here? >> reporter: i got to tell you the idea people are giving us money, america to our treasury bonds doesn't necessarily mean it is a vote of confidence in america. means the alternatives, traditional alternatives like europe are so much scarier but that is the path we're going down, jenna. it is disingenuous to suggest, hey, the federal reserve is printing money to buy treasury bonds somehow that means inflation is not a big deal. somehow 16 trillion in debt going north of 20 trillion in debt is not a big deal. it is a big deal. the correct answer, everyone, everyone watching this show, i don't care if you're working or not working, you will be negative impacted what is going on in washington right now. jenna: what
. >> i think the overhyping of deficit, the deficit mania that is seized this town is kind of crazy. i mean i love alan simpson and erskine bowles, they're talking about inflation at a moment when people are paying us money to invest in our treasury bonds? jenna: charles payne, fox business network. he has his own list what we should worry about, charles, who is right here? >> reporter: i got to tell you the idea people are giving us money, america to our treasury bonds doesn't...
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Dec 10, 2012
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KPIX
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. >> reporter: the republican co-chairman of the deficit reduction commission said higher tax rates are inevitable. >> if anybody out there who's, quote, rich doesn't think their taxes go up, the drinks are on me. i'll cover it. >> reporter: mr. obama and house democrats are open to making wealthier taxpayers pay more in medicare taxes but are reluctant to raise, as republicans want, the eligibility for medicare. >> where does a person turn if they're 65 years of age and the medicare eligibility age is 67? they have two years there where they may not have the best of health. they need to have accessible, affordable medical insurance during that period. >> reporter: the democratic co-chairman of the democrat deficit reduction commission remains optimistic. >> they've started to tango now. any time you've got two guys tangoing, you've got a chance to get it done. >> reporter: within the hour, the president will leave the white house and head for detroit, where he'll continue to press his case for keeping middle class tax rates where they are but raising it for middle income earners. that
. >> reporter: the republican co-chairman of the deficit reduction commission said higher tax rates are inevitable. >> if anybody out there who's, quote, rich doesn't think their taxes go up, the drinks are on me. i'll cover it. >> reporter: mr. obama and house democrats are open to making wealthier taxpayers pay more in medicare taxes but are reluctant to raise, as republicans want, the eligibility for medicare. >> where does a person turn if they're 65 years of age and...
WHUT (Howard University Television)
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Dec 10, 2012
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WHUT
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is deficit reduction a serious issue? it is. i'm in the middle of that debate right now. but you know what is a more serious issue according to the american people? the need to create millions and millions of jobs. now how often are you turning on tv and saying, "hey, we're in the middle of a terrible recession. it is, we have 15% real unemployment or underemployment in america. we've got to create millions of jobs." that's what working people are saying, but the big money interests are saying, "oh, we've got to cut social security. we've got to cut medicare. we've got to cut medicaid." there is no other option. so i give you that just as an example of how corporate media throws out one set of ideas, where the american people are thinking that jobs are probably more important. >> it has probably not escaped your attention that the mantra "fiscal cliff, fiscal cliff, fiscal cliff" is played out every night on the evening news and the corporate news. what does that say to you? that you'd get "fiscal cliff, fiscal cliff," but not "job crisis, job crisis, job crisis"? >> it t
is deficit reduction a serious issue? it is. i'm in the middle of that debate right now. but you know what is a more serious issue according to the american people? the need to create millions and millions of jobs. now how often are you turning on tv and saying, "hey, we're in the middle of a terrible recession. it is, we have 15% real unemployment or underemployment in america. we've got to create millions of jobs." that's what working people are saying, but the big money interests...
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the cowboys came back from a nine-point deficit to beat the cincinnati bengals on a dramatic last second field goal. brown's jersey was held up after the emotional win, and following the game, cowboys head coach jason garrett talked about the focus his team showed during this tragedy. >> all we asked our team last night was to understand as best they could what happened and somehow, some way, to challenge the emotions they have into honoring jerry today in their performance, and that's a hard thing to do. i think everyone in our organization who knew him is completely numb and has been numb for the last couple days. >> ed lavandera joins us from dallas. ed, this morning brown's teammate, cowboys nose tackle josh brent is out of jail. >> reporter: he is, ted. as that team is dealing with the death of a beloved teammate, they're also struggling with the fact that one of their teammates and close friends as well is also facing some very serious legal charges as well, josh brent facing intoxication, manslaughter, but he did post a $500,000 shortly after the cowboys had won that game and left
the cowboys came back from a nine-point deficit to beat the cincinnati bengals on a dramatic last second field goal. brown's jersey was held up after the emotional win, and following the game, cowboys head coach jason garrett talked about the focus his team showed during this tragedy. >> all we asked our team last night was to understand as best they could what happened and somehow, some way, to challenge the emotions they have into honoring jerry today in their performance, and that's a...
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and any tax increases should go direct to deficit reduction. take away the hey, everything goes into the general fund because it certainly seems like when you're fibbing about 35% and 75% truths that really all they're after isn't fixing the economy, it's your bucks. back to you. >> all right. rick, breaking it down like no one else can. rick santelli with the santelli exchange. tweet time now. mcdone old's november sales getting a cheddar bacon boost. sales figures in the u.s. rising 2.5% as customers chomped down on the limited time cheddar bacon onion sandwiches. so what is the next menu innovation that could propel mcd? tweet us @squawk street. we've got some of your answers right after this. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. [ male announcer ] break from the holid
and any tax increases should go direct to deficit reduction. take away the hey, everything goes into the general fund because it certainly seems like when you're fibbing about 35% and 75% truths that really all they're after isn't fixing the economy, it's your bucks. back to you. >> all right. rick, breaking it down like no one else can. rick santelli with the santelli exchange. tweet time now. mcdone old's november sales getting a cheddar bacon boost. sales figures in the u.s. rising...
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Dec 10, 2012
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um, the budget deficit, um, and then foreign policy. so the four top issues were the same in a slightly different order than they were for the rest of the electorate. um, the budget deficit and health care were in opposite places for the rest of the electorate. um, time it was a little more -- this time it was a little more those domestic issues, those domestic-driven issues than four years ago in my experience. again, part of that is where the media was focused, and the nature of the spanish-speaking community in south florida that's particularly foreign policy driven. but this time even that community wasn't -- and to the extent i was talking about foreign policy, i was talking about benghazi rather than cuba. >> last question, you didn't use the word immigration. immigration was not in that -- >> it came up a little, it came up -- >> a little bit. >> it came up a little bit, and it came up in the following way, um, people wanted to know that the president cared about the issue. they wanted to understand why it hadn't been achieved in
um, the budget deficit, um, and then foreign policy. so the four top issues were the same in a slightly different order than they were for the rest of the electorate. um, the budget deficit and health care were in opposite places for the rest of the electorate. um, time it was a little more -- this time it was a little more those domestic issues, those domestic-driven issues than four years ago in my experience. again, part of that is where the media was focused, and the nature of the...
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then white house economic adviser gene sperling and republican senator rob portman on deficit reduction and avoiding the so-called fiscal cliff. after that we're live with a discussion on the ha tee know vote -- latino vote in the 2012 presidential election and the prospects for changes to immigration policy. and later, the senate's back at 2 p.m. eastern for general speeches. later in the day members resume debate on a bill to temporarily extend the transaction account guarantee or t.a.d. program that provides limited insurance coverage for noninterest-bearing transaction accounts. a procedural vote on the measure is expected at 5:30 eastern. >> host: well, on "the communicators" we're doing a series looking at the future of tv, and this week we're pleased to have joining us the president and ceo of the national cable and telecommunications association, michael powell. mr. powell, thank you for being on "the communicators" again, we appreciate it. >> guest: my pleasure. >> host: if you would, put on your future glasses. >> guest: all right. [laughter] they're on. >> host: look ahead fi
then white house economic adviser gene sperling and republican senator rob portman on deficit reduction and avoiding the so-called fiscal cliff. after that we're live with a discussion on the ha tee know vote -- latino vote in the 2012 presidential election and the prospects for changes to immigration policy. and later, the senate's back at 2 p.m. eastern for general speeches. later in the day members resume debate on a bill to temporarily extend the transaction account guarantee or t.a.d....
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they're not contributing to the deficit problem. entitlements are a broad category, but one in which you have to separate out medicare, medicaid, and social security and say what is actually the problem. host: i do not want to go too far down the road because we will be of of our subjects. -- off of our subject. i do want to talk about this idea of unforeseen conflicts that we might have, dan goure. if for example we were to get involved militarily in syria, how much does that cost relative to the overall budget for the pentagon? guest: it is hard sometimes, because you're paying a steady basis for the number of soldiers, airplanes, ships, and the like. the costs come into court costs related to deployment. -- core costs related to deployment. we can look at the contingency spending for iraq and afghanistan it reached a height of well over $100 billion annually. that was because we were deploying a large number of forces on a continual basis halfway around the world. if you're talking but a smaller diplomat for a shorter period of t
they're not contributing to the deficit problem. entitlements are a broad category, but one in which you have to separate out medicare, medicaid, and social security and say what is actually the problem. host: i do not want to go too far down the road because we will be of of our subjects. -- off of our subject. i do want to talk about this idea of unforeseen conflicts that we might have, dan goure. if for example we were to get involved militarily in syria, how much does that cost relative to...
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christine lagarde said lawmakers need to address the country's debt, the deficit, and the fiscal cliff and quickly to avoid the uncertainty from affecting the global economy. she suggested a balanced approach, increasing revenue, while also cutting spending. >>> a new survey shows pay for private college prnts continues to climb. they studied data from 2010. it shows medial compensation rose to about $400,000, up nearly 3%. >>> and james bond's fought his way back to the top of the box office. "skyfall" made $11 million. "rise of the guardian" finished a close second with $10.5 million, and in third place, "twilight saga:breaking dawn" part twoer and $9.2 million. i've got to go see that animated christmas film. >> you and jack, that would be a good thing to do. >> "skyfall" kind of going nowhere and then jump back on top, that's kind of a strange move. >> that's james bond. that's no surprise. >> ashley morrison in new york. thanks, ashley. >>> hundreds said their "i dos" sunday. about 150 same-sex couples exchanged vows at seattle city hall. officiating judges who donated their time
christine lagarde said lawmakers need to address the country's debt, the deficit, and the fiscal cliff and quickly to avoid the uncertainty from affecting the global economy. she suggested a balanced approach, increasing revenue, while also cutting spending. >>> a new survey shows pay for private college prnts continues to climb. they studied data from 2010. it shows medial compensation rose to about $400,000, up nearly 3%. >>> and james bond's fought his way back to the top...
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if we have a spending deficit of $1.3 trillions. we're over on our budget $1.3 trillion. what aggressively will democrats bring to the table for cuts realistically once the tax issue is passed? >> well, i can think of something that should have been done a while ago, which is that there should be a change to medicare in any we can actually negotiate for drug prices. after all, we do it for medicaid. why can't we do it for medicare? that would be a big savings to the medicare program. >> big savings to that program, not a ton of money, though, to knock down your $1.3 trillion debt. margaret? >> helpful you're hearing democrats talk about are there ways of adjusting these entitlement programs? you're talking about medicare eligibility, negotiating with drug companies. that's honestly going to come up either now or later. either in the debt ceiling negotiations in february or now. better to take care of it now rather than have another fight when you're trying to do immigration. >> congresswoman judy chu, my apologies. nice to have you with us. we always appreciate when you c
if we have a spending deficit of $1.3 trillions. we're over on our budget $1.3 trillion. what aggressively will democrats bring to the table for cuts realistically once the tax issue is passed? >> well, i can think of something that should have been done a while ago, which is that there should be a change to medicare in any we can actually negotiate for drug prices. after all, we do it for medicaid. why can't we do it for medicare? that would be a big savings to the medicare program....
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the deficit's declined in the last three years and tax revenues are rising. spending has been flat for the last two and a half years so the pressure is moving in the right direction. the worry for me is if you raise taxes and cut spending now you're going to knock back growth and prevent that acceleration in revenue. you've got gdp growth up to 3 or 3.5, the revenue implications are enormous. because revenue tends to spike -- >> and nobody believes it. that's the problem. we're into this world where we may spend, and we may even have a pop from government spending. it's never sustained. and all it creates is this huge discussion which underminds business confidence of how we're going to pay for the debt. we have exposed, i think, the achilles heel of keynesian economics. >> i broadly agree with you. in 2008, 2009, i think the fiscal stimulus made a lot of sense. but i think that we're at a point now where the economy is strong enough that we need to get started on the fiscal adjustment. we've got to make sure it's not too many. i'd say something on the order
the deficit's declined in the last three years and tax revenues are rising. spending has been flat for the last two and a half years so the pressure is moving in the right direction. the worry for me is if you raise taxes and cut spending now you're going to knock back growth and prevent that acceleration in revenue. you've got gdp growth up to 3 or 3.5, the revenue implications are enormous. because revenue tends to spike -- >> and nobody believes it. that's the problem. we're into this...
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growth is actually the best solution to reducing the deficit. it's not tax hikes. it's not spending cuts. it's growth. we need to get people back to work and at fair wages. i think it's the lowered expectation in america that has some people worried. if we can get this cliff deal behind us, though, most people we talk to, joe and mika, say, listen, we should be able too much better growth in 2013. let's hope they're right. for every 1% gdp that we grow, we will add $3 trillion over a decade. so talk about a trillion in savings from tax hikes over a decade, $3 trillion if we can add another percent a year to u.s. growth. that's a big number. >> all right, brian. hey, brian, by the way, check out -- this sounds random, but i read an atlantic monthly article -- we had a guest on last week talk about how insourcing is the wave of the future. jeff immelt -- >> reporter: heard of him. >> an article in i think the hartford business review back in march talked about insourcing. it's the future. general electric, bringing jobs back from overseas. and some people even sugges
growth is actually the best solution to reducing the deficit. it's not tax hikes. it's not spending cuts. it's growth. we need to get people back to work and at fair wages. i think it's the lowered expectation in america that has some people worried. if we can get this cliff deal behind us, though, most people we talk to, joe and mika, say, listen, we should be able too much better growth in 2013. let's hope they're right. for every 1% gdp that we grow, we will add $3 trillion over a decade. so...
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higher tax rates or vote for higher tax rates, doesn't mean to say you're going to do anything for the deficit. a bad policy. but looked at strictly economically, forget the politics here, forget fiscal cliff, forget negotiations. you just look economically, raise taxes, you don't get all the money you think you are going to bring in. >> brian: real quick, kevin mccarthy, one of the young guns, was on "metropolitan the press" and said, good news. revenues are up 10%. that's because we seem to be turning around economically. here is the bad news, spending is up 16%. why? he's trying to explain to a very reluctant david gregory, why should we consider raising tax when is clearly the revenue is up, but the spending is up higher? >> the president wants to raise tax rates on people making more than 250,000. he thinks that will bring in $82 billion in one year. the experience of california and other countries is that you will not bring in $82 billion. you bring in less. >> brian: sadly, it's just about getting a trophy and saying i told you i would do it. >> that's the politics of it. >> brian: varn
higher tax rates or vote for higher tax rates, doesn't mean to say you're going to do anything for the deficit. a bad policy. but looked at strictly economically, forget the politics here, forget fiscal cliff, forget negotiations. you just look economically, raise taxes, you don't get all the money you think you are going to bring in. >> brian: real quick, kevin mccarthy, one of the young guns, was on "metropolitan the press" and said, good news. revenues are up 10%. that's...
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to be a problem for the detroit lions but not the green bay packers they over came a two-touchdown deficit winning 27-20 and are one step closer to the nfc north title. the giants take on new orleans to hold on to their lead. rookie running back david wilson had a break out day that included three touchdowns. new york crushing the saints 52-27. a hard fought game between the redskins and ravens in the final minutes. robert griffin, well, robert griffin the third i should add the third he knocked out of the game with a knee injury after a tackle. a team spokesman says today though that's not major and won't be ending the season. >> although tough not the enof the season. they went on to win in over time 31-28. >> the time right now is 20 before the top of the hour. seems americans still haven't learned their lessons just like our federal debt your personal debt has reached record highs. the frightening numbers that will have you thinking twice before you start swiping that credit card this success. >> they have a leave for safety reasons during super storm sandy. when they left behind wasn'
to be a problem for the detroit lions but not the green bay packers they over came a two-touchdown deficit winning 27-20 and are one step closer to the nfc north title. the giants take on new orleans to hold on to their lead. rookie running back david wilson had a break out day that included three touchdowns. new york crushing the saints 52-27. a hard fought game between the redskins and ravens in the final minutes. robert griffin, well, robert griffin the third i should add the third he...
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. >> if you don't increase tax rates 2%, you won't generate enough revenue to have meaningful deficit reductions. >> republicans want big spending cuts to programs like medicare and social security. >> we don't want to be back here in another year or ten years answering the same questions. >> reporter: as talks continue on both sides of pennsylvania avenue, americans from main street to wall street wait to see who will blink first. brian moore, nbc news in washington. >>> bad news in afghanistan. a navy s.e.a.l. was killed during a rate saving dr. dill lop joseph who was kidnapped by the taliban. he was working for morning star development. the rescue mission was launched because u.s. officials believed the to being tore's life was in danger. president obama said the special forces soldier gave his life for a fellow american. >>> into syria, violence spilled over the border leaving 17 people dead. richard engel reports syrians are struggling to deal with the blood shet. >> reporter: parts of syria that are controlled by the rebels, there is no talk at all to finding a peaceful solutio
. >> if you don't increase tax rates 2%, you won't generate enough revenue to have meaningful deficit reductions. >> republicans want big spending cuts to programs like medicare and social security. >> we don't want to be back here in another year or ten years answering the same questions. >> reporter: as talks continue on both sides of pennsylvania avenue, americans from main street to wall street wait to see who will blink first. brian moore, nbc news in washington....
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tax rates on the highest 2% of income earners, you cannot generate enough revenue to have meaningful deficit reduction. >> reporter: republicans want big spending cuts to programs like medicare and says. >> we don't want to be back here in another year, another ten years answering the same questions. >> reporter: as the talks continue on both sides of pennsylvania avenue, americans from main street to wall street wait to see who will blink first. brian mooar, nbc news, washington. >>> sad news it tell you about out of afghanistan where a u.s. navy s.e.a.l. was killed during the rescue operation of a colorado doctor. the s.e.a.l. team 6 member was killed while working to rescue dr. joseph, who worked for a christian nonprofit group. u.s. officials believed the doctor's life was in danger. >>> president obama said the fallen special forces member whose name has not been released "gave his life for his fellow americans." >>> latin music fans mourning the tragic death of mexican american singer jenni rivera. the 43-year-old grammy nominee and six others died early sunday when their small plane c
tax rates on the highest 2% of income earners, you cannot generate enough revenue to have meaningful deficit reduction. >> reporter: republicans want big spending cuts to programs like medicare and says. >> we don't want to be back here in another year, another ten years answering the same questions. >> reporter: as the talks continue on both sides of pennsylvania avenue, americans from main street to wall street wait to see who will blink first. brian mooar, nbc news,...
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[laughter] >> this comes back to my obsession with the debt and deficit. one of the challenges is that any great business that invests in their work force does best. we have cut back on our public investments. the plan passed by the house of representatives would cut federal spending on all domestic items around education, infrastructure, and a workforce turning to less than 5% of our total public spending. we can argue about the politics of that. that is not a business plan anybody would invest in if you are going to compete. >> one other point that is worth pointing out, if right now our universities were 100% people that were born or raised in america, 0% of people from other countries, and somebody proposed opening up the world, and said, let's have a target that someday half of the students getting these advanced degrees should be from other countries, the proposal would have been like the military service proposal. you have an obligation to serve as the country. if we are going to get educations, then nobody would say, let's take half of those slots,
[laughter] >> this comes back to my obsession with the debt and deficit. one of the challenges is that any great business that invests in their work force does best. we have cut back on our public investments. the plan passed by the house of representatives would cut federal spending on all domestic items around education, infrastructure, and a workforce turning to less than 5% of our total public spending. we can argue about the politics of that. that is not a business plan anybody would...
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on face the nation erskine bowles co-chair of the bipartisan deficit commission told bob schieffer he's a bit more optimistic than he was a week ago. >> we were going through the kabuki theatre, one side making an offer, the other rejecting it and that is pretty natural in any deal. but you know, they've started to tango now and you know any time you got two guys in there tangoing you got a chance to get it done. >> glor: meanwhile urging both sides to get this done jeffrey immelt chairman of general electric spoke to charlie rose. >> i would say the business community almost universally speaks with one voice that this needs to get done and get done now. and moving it to next year is just failure. >> glor: you can see the full jeffrey immelt interview first thing tomorrow on cbs "this morning." >> big business is together in wanting to avoid the fiscal cliff. tonight randall pinkston with the worries of small business. >> reporter: retired army officer rod hudson runs a 13 man business that operates at the centre of national security. >> we make sampling kit for weapons of mass destruct
on face the nation erskine bowles co-chair of the bipartisan deficit commission told bob schieffer he's a bit more optimistic than he was a week ago. >> we were going through the kabuki theatre, one side making an offer, the other rejecting it and that is pretty natural in any deal. but you know, they've started to tango now and you know any time you got two guys in there tangoing you got a chance to get it done. >> glor: meanwhile urging both sides to get this done jeffrey immelt...
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if the politicians in washington negotiate a bad deal on the budget and deficit, what do you think will happen to medicare and medicaid benefits? and to our coverage? cutting hundreds of billions of dollars from medicare and medicaid will short change the people who need it e most. so if you don't want seniors to come up empty. call sen. warner and tell him don't make a bad deal that cuts our care. ♪ we wish you a merry christm christmas ♪ >> a little bit of music today to get metro riders in the holiday spirit. these are members of the cathedral choral society. the choral society kicks off their joy of christmas concert series next saturday at the national cathedral. ♪ sounds good. >> you needed some music to pick up some spirits. >> the redskins "w" helped an awful lot. no doubt about that. cloudy skies have been the rule. that's going to continue. take a check of it outside. temperatures are stuck in the upper 40s to right around 50 degrees. temperature has not budged more than a few degrees all day long. still 48 with a light drizzle and mist down at national airport. winds re
if the politicians in washington negotiate a bad deal on the budget and deficit, what do you think will happen to medicare and medicaid benefits? and to our coverage? cutting hundreds of billions of dollars from medicare and medicaid will short change the people who need it e most. so if you don't want seniors to come up empty. call sen. warner and tell him don't make a bad deal that cuts our care. ♪ we wish you a merry christm christmas ♪ >> a little bit of music today to get metro...
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that's a part of what we need to do to close the budget deficit. we need to have a framework in place to get the full length down the field. >> an interesting term for folks not familiar with the language of congress. the discharge petition that was presented last week. walk us through the next step with regards to that. >> the next step is the senate didn't actually pass the bill to continue the middle class tax cuts. if the congress fails to act, a number of things happen automatically. cuts to medicare reimbursement rates. taxes go up for everybody. there's automatic spending cuts across every sector of government spending. even ones that are critical for infrastructure in our economy. so that's why there's such interest in averting this fiscal cliff. and i think that we can do that by simply taking up the senate bill. we continue the middle class tax cuts. >> before i let you go, starting today, same-sex couples in washington were able to marry for the first time because the state's same-sex marriage law took effect on friday. the supreme court
that's a part of what we need to do to close the budget deficit. we need to have a framework in place to get the full length down the field. >> an interesting term for folks not familiar with the language of congress. the discharge petition that was presented last week. walk us through the next step with regards to that. >> the next step is the senate didn't actually pass the bill to continue the middle class tax cuts. if the congress fails to act, a number of things happen...